EQWL vs GSEW: Grades, Fees and Holdings Compared

Invesco S&P 100 Equal Weight ETF

EQWLBNYSE Arca

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

GSEWACboe

Overlap

19.4%by weight

Expense ratio

GSEW −0.16pt a year

EQWL0.25%GSEW0.09%

Avg volume · 30D

EQWL 1.03×the volume

EQWL105KGSEW102K

5Y return · a year

EQWL +3.5pt

EQWL+11.6%GSEW+8.1%

EQWL vs GSEW Performance

Oct 29, 2021 – Oct 30, 2026

+73.1%EQWL+47.9%GSEW

Expense ratio: EQWL 0.25%; GSEW 0.09%, better
Fund size: EQWL $2.85B; GSEW $2.19B
1Y total return: EQWL +15.4%; GSEW +15.9%, better
Yield (12M): EQWL 1.56%, better; GSEW 1.39%
Holdings: EQWL 103; GSEW 498
Avg volume (30D): EQWL 105K sh, better; GSEW 102K sh
NAV per share: EQWL $132.19; GSEW $97.51
52W range

ETF.net Grade

Pillar letters and Scores for EQWL, GSEW, with each pillar’s weight
Pillar	EQWL	GSEW
Cost30% weight	D37	A88Higher
Mission25% weight	A83	A100Higher
Risk15% weight	B65Higher	C43
Tradability15% weight	A93Higher	B62
Holdings10% weight	B57	A81Higher
Durability5% weight	A80Higher	B69

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EQWL and GSEW are both graded against the same 9 US Equal Weight funds, so their Grades compare head to head.

US Equal Weight⁠

Category · 9 funds

See all 9 ›

GSEW ranks 2nd and EQWL 5th of 9 funds in the US Equal Weight Category.

Rank 1AEUSAiShares MSCI USA Equal Weighted ETFScore 80
Rank 2AGSEWGoldman Sachs Equal Weight U.S. Large Cap Equity ETFScore 78
Rank 3AEQALInvesco Russell 1000 Equal Weight ETFScore 70
Rank 4BEQLALPS Equal Sector Weight ETFScore 66
Rank 5BEQWLInvesco S&P 100 Equal Weight ETFScore 65
Rank 6BDFVEDoubleLine Fortune 500 Equal Weight ETFScore 63

Our read on each fund

ETF.net Research

EQWLBInvesco S&P 100 Equal Weight ETF

GSEWAGoldman Sachs Equal Weight U.S. Large Cap Equity ETF

In short

EQWL Equal weight, but blue chips only. EQWL spreads money evenly across the roughly 100 mega caps of the S&P 100, so the largest name counts about as much as the hundredth. Running since 2006, before equal weight was fashionable.

GSEW Equal weight without the equal-weight markup. GSEW spreads roughly 500 US large caps into same-size slots and charges 0.09%, well under half the typical fee in its corner of the market.

Stated mandate

EQWL The fund seeks to provide exposure to the S&P 100 through an index that gives its constituent securities equal weight, investing at least 90% of assets in index components.

GSEW The Fund seeks to track, before fees and expenses, the Solactive US Large Cap Equal Weight Index.

Why people hold it

EQWL Concentration control by design: the index weights its constituents equally, so about 100 household names each carry roughly 1% instead of a few giants steering the whole thing.invesco.com
Launched in 2006, it predates most equal-weight rivals and has grown past a billion in assets, making it one of the easier funds to trade in a small category.
Fee is 0.25% net of a waiver through August 31, 2028 (0.30% gross), sitting near the median of the nine funds in its equal-weight category.
Has tracked its index closely, and distributions arrive quarterly.

GSEW 0.09% a year against a 0.20% median for equal-weight US large-cap peers. Only iShares' EUSA matches the price.
Every name gets the same slot, so the largest megacap counts no more than the 500th holding. A genuinely different shape than a cap-weighted S&P fund.gsam.com
Hugs the Solactive US Large Cap Equal Weight Index closely, one of the tightest index implementations in its peer group.
Trading since 2017 and now a multi-billion-dollar fund, so this is an established option rather than a recent launch.

Worth knowing

EQWL Cheaper equal-weight wrappers exist: EUSA and GSEW each charge 0.09%, and Invesco's own EQAL charges 0.20% for a Russell 1000 version.
Equal weight here still means mega caps only, about 100 of them. You are rebalancing among the giants, not reaching down into mid or small caps.
Resetting to equal weight trims whatever has run hottest, so results diverge from the cap-weighted S&P 100 in both directions.

GSEW Even weights pull the mix toward the smaller members of the large-cap universe and away from megacap concentration, which has made for a bumpier ride than cap-weighted peers.
Resetting to equal weight means more turnover than a leave-it-alone cap-weighted index, and income lands quarterly rather than monthly.
Moderately traded, not one of the volume giants of the category, so spreads can widen outside the busiest parts of the session.

Full EQWL profile⁠

Full GSEW profile⁠

EQWL vs GSEW Holdings

How EQWL and GSEW differ

Overlap by weight

19.4%

Shared holdings make up 96.0% of EQWL and 19.4% of GSEW.

Level by level

Holdings97 in both19.4%
Sector11 Sectors84.3%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in EQWL and GSEW, widest gap first
Sector	More in EQWLMore in GSEW	EQWL	GSEW
Technology	EQWL +4.9 points	26.1%	21.2%
Communication	EQWL +4.0 points	7.9%	3.9%
Industrials	GSEW +3.8 points	12.8%	16.6%
Health Care	EQWL +3.6 points	15.5%	11.9%
Materials	GSEW +3.4 points	1.0%	4.4%
Real Estate	GSEW +2.9 points	0.9%	3.9%
Utilities	GSEW +2.7 points	2.9%	5.6%
Consumer Staples	EQWL +2.6 points	8.0%	5.4%
Energy	GSEW +1.5 points	2.9%	4.4%
Consumer Discretionary	GSEW +1.4 points	7.7%	9.1%
Financials	EQWL +0.6 points	14.2%	13.6%

Country, concentration and asset class

Country by domicile

Country weights in EQWL and GSEW, widest gap first
Country	More in EQWLMore in GSEW	EQWL	GSEW
United States	EQWL +1.2 points	100.0%	98.8%
Switzerland	GSEW +0.6 points	0.0%	0.6%
Other countries (3)	GSEW +0.6 points	0.0%	0.6%

Concentration

Weight in the 10 largest Holdings

EQWL12.0%
GSEW2.4%

Securities held

EQWL102
GSEW497

Asset class

EQWL: Equity
GSEW: Equity

Holdings

Only in EQWL5
In both97
Only in GSEW400

Only in EQWL

5 securities, 3.9% of EQWL by weight

Accenture PLC1.38%
Linde PLC1.06%
Medtronic PLC1.04%
Alphabet Inc0.38%
Invesco Government & Agency Portfolio0.08%

Only in GSEW

400 securities, 80.5% of GSEW by weight

Crown Castle Intl Corp0.25%
Equifax Inc.0.25%
Roper Technologies Inc0.24%
Accenture PLC0.24%
Cdw Corporation0.24%
Dow Inc0.24%
L3HARRIS Technologies Inc0.23%
Aon Public Limited Company0.23%
Ge Healthcare Technologies Inc.0.23%
Northrop Grumman Corp0.23%
Arthur J Gallagher & Co0.23%
Ulta Beauty Inc0.23%
Labcorp Holdings Inc0.23%
Cheniere Energy, Inc.0.23%
Zscaler, Inc.0.23%
S&P Global Inc.0.23%
Fortive Corporation0.23%
Royalty Pharma PLC0.23%
United Rentals, Inc.0.23%
Moderna, Inc.0.23%
First Citizens Bankshares Class A0.22%
Vulcan Materials Co0.22%
Ppg Industries, Inc.0.22%
Estee Lauder Cos Inc Cl-A0.22%
Nasdaq Inc.0.22%
Roblox Corporation0.22%
Venture Global, Inc.0.22%
Keurig Dr Pepper Inc0.22%
Marsh Ord0.22%
Nxp Semiconductors N.v.0.22%
Otis Worldwide Corporation0.22%
Allstate Corporation0.22%
Kimberly-Clark Corporation0.22%
Halliburton Company0.22%
International Paper Co.0.22%
Sharkninja, Inc.0.22%
Eog Resources Inc0.22%
Diamondback Energy Inc0.22%
Idexx Laboratories0.22%
Sofi Technologies, Inc.0.22%
Extra Space Storage Inc.0.22%
Verisk Analytics, Inc.0.22%
Sunbelt Rentals Holdings, Inc.0.22%
Dollar Tree Stores, Inc.0.22%
Nike Class-B0.22%
Cboe Global Markets, Inc0.22%
Lyondellbasell Industries N.v.0.22%
Ebay Inc.0.22%
Medtronic Public Limited Company0.22%
Slb Ltd0.22%

Weight gaps

All 97 Holdings in both funds, largest gap first.

Holding weights in EQWL and GSEW, widest gap first
Holding	More in EQWLMore in GSEW	EQWL	GSEW
Intuitive Surgical IncISRG	EQWL +1.04 points	1.25%	0.21%
Eli Lilly & CoLLY	EQWL +0.98 points	1.20%	0.22%
Texas Instruments IncTXN	EQWL +0.97 points	1.18%	0.21%
Lockheed Martin CorpLMT	EQWL +0.96 points	1.21%	0.25%
Thermo Fisher Scientific IncTMO	EQWL +0.94 points	1.15%	0.21%
Amgen IncAMGN	EQWL +0.94 points	1.16%	0.22%
Palantir Technologies IncPLTR	EQWL +0.94 points	1.14%	0.20%
Palo Alto Networks IncPANW	EQWL +0.94 points	1.12%	0.18%
AbbVie IncABBV	EQWL +0.93 points	1.14%	0.21%
Danaher CorpDHR	EQWL +0.93 points	1.14%	0.21%
Walmart IncWMT	EQWL +0.91 points	1.13%	0.22%
Emerson Electric CoEMR	EQWL +0.91 points	1.12%	0.21%
Gilead Sciences IncGILD	EQWL +0.90 points	1.12%	0.22%
Advanced Micro Devices IncAMD	EQWL +0.90 points	1.07%	0.17%
Procter & Gamble Co/ThePG	EQWL +0.90 points	1.11%	0.21%
Altria Group IncMO	EQWL +0.89 points	1.11%	0.22%
Philip Morris International IncPM	EQWL +0.89 points	1.10%	0.21%
Mastercard IncMA	EQWL +0.88 points	1.10%	0.22%
Visa IncV	EQWL +0.88 points	1.10%	0.22%
Apple IncAAPL	EQWL +0.89 points	1.09%	0.20%
Costco Wholesale CorpCOST	EQWL +0.88 points	1.09%	0.21%
ExxonMobil Holdings CorpXOM	EQWL +0.88 points	1.10%	0.22%
Blackrock IncBLK	EQWL +0.87 points	1.08%	0.21%
Tesla IncTSLA	EQWL +0.87 points	1.08%	0.21%
Microsoft CorpMSFT	EQWL +0.86 points	1.06%	0.20%
ConocoPhillipsCOP	EQWL +0.85 points	1.08%	0.23%
Pfizer IncPFE	EQWL +0.85 points	1.06%	0.21%
3M CoMMM	EQWL +0.85 points	1.06%	0.21%
Berkshire Hathaway IncBRK.B	EQWL +0.84 points	1.05%	0.21%
Chevron CorpCVX	EQWL +0.85 points	1.07%	0.22%
Walt Disney Co/TheDIS	EQWL +0.84 points	1.05%	0.21%
United Parcel Service IncUPS	EQWL +0.83 points	1.06%	0.23%
Coca-Cola Co/TheKO	EQWL +0.83 points	1.04%	0.21%
Union Pacific CorpUNP	EQWL +0.83 points	1.04%	0.21%
International Business Machines CorpIBM	EQWL +0.83 points	1.06%	0.23%
QUALCOMM IncQCOM	EQWL +0.83 points	1.03%	0.20%
American Tower CorpAMT	EQWL +0.82 points	1.04%	0.22%
Southern Co/TheSO	EQWL +0.83 points	1.04%	0.21%
Intuit IncINTU	EQWL +0.82 points	1.04%	0.22%
Starbucks CorpSBUX	EQWL +0.82 points	1.04%	0.22%
UnitedHealth Group IncUNH	EQWL +0.82 points	1.03%	0.21%
Home Depot Inc/TheHD	EQWL +0.81 points	1.04%	0.23%
Duke Energy CorpDUK	EQWL +0.82 points	1.03%	0.21%
General Dynamics CorpGD	EQWL +0.81 points	1.03%	0.22%
Johnson & JohnsonJNJ	EQWL +0.80 points	1.01%	0.21%
Lowe's Cos IncLOW	EQWL +0.81 points	1.03%	0.22%
General Motors CoGM	EQWL +0.80 points	1.01%	0.21%
Cisco Systems IncCSCO	EQWL +0.80 points	0.98%	0.18%
McDonald's CorpMCD	EQWL +0.78 points	1.00%	0.22%
American Express CoAXP	EQWL +0.78 points	0.99%	0.21%
Mondelez International IncMDLZ	EQWL +0.79 points	0.99%	0.20%
RTX CorpRTX	EQWL +0.77 points	0.99%	0.22%
Merck & Co IncMRK	EQWL +0.78 points	0.98%	0.20%
Meta Platforms IncMETA	EQWL +0.77 points	0.94%	0.17%
Arista Networks IncANET	EQWL +0.77 points	0.94%	0.17%
FedEx CorpFDX	EQWL +0.77 points	0.98%	0.21%
Abbott LaboratoriesABT	EQWL +0.77 points	0.98%	0.21%
NextEra Energy IncNEE	EQWL +0.77 points	0.98%	0.21%
Deere & CoDE	EQWL +0.77 points	0.96%	0.19%
Amazon.com IncAMZN	EQWL +0.77 points	0.95%	0.18%
Capital One Financial CorpCOF	EQWL +0.76 points	0.97%	0.21%
NVIDIA CorpNVDA	EQWL +0.76 points	0.94%	0.18%
PepsiCo IncPEP	EQWL +0.75 points	0.96%	0.21%
Broadcom IncAVGO	EQWL +0.75 points	0.93%	0.18%
Adobe IncADBE	EQWL +0.75 points	0.96%	0.21%
US BancorpUSB	EQWL +0.75 points	0.96%	0.21%
JPMorgan Chase & CoJPM	EQWL +0.75 points	0.95%	0.20%
General Electric CoGE	EQWL +0.75 points	0.95%	0.20%
GE Vernova IncGEV	EQWL +0.75 points	0.92%	0.17%
Bristol-Myers Squibb CoBMY	EQWL +0.74 points	0.94%	0.20%
CVS Health CorpCVS	EQWL +0.73 points	0.93%	0.20%
Salesforce IncCRM	EQWL +0.73 points	0.93%	0.20%
Micron Technology IncMU	EQWL +0.73 points	0.90%	0.17%
Applied Materials IncAMAT	EQWL +0.72 points	0.88%	0.16%
Wells Fargo & CoWFC	EQWL +0.72 points	0.93%	0.21%
Uber Technologies IncUBER	EQWL +0.72 points	0.91%	0.19%
Dell Technologies IncDELL	EQWL +0.71 points	0.87%	0.16%
Citigroup IncC	EQWL +0.71 points	0.90%	0.19%
Bank of New York Mellon Corp/TheBNY	EQWL +0.69 points	0.90%	0.21%
Intel CorpINTC	EQWL +0.69 points	0.85%	0.16%
Comcast CorpCMCSA	EQWL +0.69 points	0.89%	0.20%
Goldman Sachs Group Inc/TheGS	EQWL +0.68 points	0.89%	0.21%
Verizon Communications IncVZ	EQWL +0.68 points	0.86%	0.18%
Morgan StanleyMS	EQWL +0.67 points	0.87%	0.20%
ServiceNow IncNOW	EQWL +0.67 points	0.82%	0.15%
Booking Holdings IncBKNG	EQWL +0.66 points	0.85%	0.19%
Oracle CorpORCL	EQWL +0.66 points	0.85%	0.19%
AT&T IncT	EQWL +0.65 points	0.82%	0.17%
T-Mobile US IncTMUS	EQWL +0.65 points	0.82%	0.17%
Charles Schwab Corp/TheSCHW	EQWL +0.65 points	0.83%	0.18%
Boeing Co/TheBA	EQWL +0.64 points	0.82%	0.18%
Lam Research CorpLRCX	EQWL +0.64 points	0.79%	0.15%
Netflix IncNFLX	EQWL +0.62 points	0.80%	0.17%
Caterpillar IncCAT	EQWL +0.62 points	0.78%	0.16%
Bank of America CorpBAC	EQWL +0.61 points	0.80%	0.19%
Sandisk CorpSNDK	EQWL +0.59 points	0.74%	0.15%
Alphabet IncGOOGL	EQWL +0.31 points	0.47%	0.16%

All 102 EQWL holdings⁠All 497 GSEW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EQWL vs GSEW Cost

Overpaying EQWL vs GSEW

$3,261

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EQWL 0.25%
$5,159
GSEW 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

EQWL 0.25%
GSEW 0.09%
Overpaying

Year by year

Year	EQWL	GSEW	Overpaying
10	$455	$165	$290
20	$1,769	$646	$1,123
30	$5,159	$1,898	$3,261

Expense ratio

0.25%EQWL
0.09%GSEW, cheaper

GSEW0.09%EQWL0.25%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

GSEW cheapest of 9 funds

EQWL 6th cheapest of 9 funds

EQWL vs GSEW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EQWL 1.56%, better; GSEW 1.39%
Payout (12M): EQWL $2.07; GSEW $1.34
Last payment: EQWL $0.51; GSEW $0.38
Ex-dividend: EQWL Sep 21, 2026; GSEW Sep 24, 2026
Paid on: EQWL Sep 25, 2026; GSEW Sep 30, 2026
Frequency: EQWL Quarterly; GSEW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EQWLQuarterly · 38 paymentsAll EQWL payments⁠

GSEWQuarterly · 36 paymentsAll GSEW payments⁠

EQWL vs GSEW Risk

Fall from peak · 5 years

EQWL
GSEW

Risk facts

VolatilityStd dev, 3 years: EQWL 11.1%, betterGSEW 12.7%
Return per unit of riskSharpe ratio, 3 years: EQWL 1.47, betterGSEW 1.21
Worst fallMax drawdown, 5 years: EQWL −23.0%, betterGSEW −25.8%
Market sensitivityBeta, 5 years: EQWL 0.91GSEW 0.91; Market = 1

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